Corzine’s word is trash

Corzine came into office promising transparency in his administration. Here’s what Corzine’s word is worth: My colleague, James W. Prado-Roberts, reports today the draft legislation for the governor’s toll road monetization plan would create an agency that would raise $32 billion and employ thousands but not be subject to the Open Public Records Act and thus could operate in secret from the people. If approved, Corzine’s hand-picked agency, the Public Benefits Corp., would run more than 334 miles of roads for at least 75 years (possibly 99) and could hike tolls by as much as 800 percent over the next 14 years. This is New Jersey in the USA, not the old Soviet Union or North Korea or Cuba. Agencies doing state business should be open to the public and the Legislature. Corzine was elected governor, not dictator or czar. His lack of respect for the people of New Jersey is reprehensible.

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About Bob Ingle

Bob Ingle is Senior Political Columnist for Gannett New Jersey newspapers and co-author of The New York Times' Best Seller, "The Soprano State: New Jersey's Culture of Corruption" and "Chris Christie: The Inside Story Of His Rise To Power". He has won numerous journalism awards and is often a news analyst on radio and television. Twitter @ bobingle99.

This is not rocket science and trying to make believe there is wizardry in all this is a gross mistake. The only thing that is going to disappear is more of your hard earned money. (This is another thing that sets the bourgeois apart from the state worker, our money is HARD EARNED – but that is another story.)

He called Goldman to complain and in May told the New York-based firm that it wouldn’t get the assignment. “It’s an obligation we have to taxpayers,” said Levenson, who denied Goldman a formal interview at his office and hired Credit Suisse Group. “If we think anything could hinder us from maximizing proceeds, we have to fix the situation. And that may involve making sure our advisers don’t have conflicts.”

A growing number of US public officials are asking how an adviser like Goldman charged with selling assets at the highest price can play the role of investor at the same time, seeking to buy them for as little as possible. * * *

Sales of public assets were contentious even without the question of Goldman’s conflicts. Community activists and government officials wary of ceding control over public works have threatened to derail privatizations.

Indiana budget director Charles Schalliol is mindful of the dual roles investment banks can play. Schalliol helped pick Goldman to advise Indiana on the lease of a 157-mile toll road, after turning down pitches from Citigroup, JPMorgan and New York-based Bear Stearns Cos. The state, which received $3.8 billion for the 75-year lease when it closed June 29, paid Goldman $20 million in fees…….and later found out Goldman had started a fund to invest in toll highways and similar projects…..after winning the assignment from Indiana.

Will can only hope the IRS looks at this scheme as what it really is, a public scam. There is no guarantee that the IRS will allow the bonds to be rated as high as Corzine is assuming. It’s nothing more than an elaborate junk bond scheme that ranks up with the recent fiascos of Enron and Mohawk Power.

TRENTON TAKEOVER When Jonny bought the governorship, Wall Street invaded State Street without firing a single shot…..all it took was Do-Good Jonny faking it, greasing the palms of hyphenated voting groups with $60 million greenbacks.

Not what George Washington envisioned as he and his men crossed the frigid Delaware, enduring great hardships that wintry Christmas Eve before the Battle of Trenton—-the victory that energized the fledgling American army and brought us enduring freedoms.

Now that very poignant American history and those very same constitutional freedoms are being frittered away by remorseless, conscienceless individuals engaged in filthy dirty financial games under cover of secrecy.

Corzine is proving to be a regressive, intolerant governor, who is taking us backward in time to a repressive, elitist government King George would have been proud of.

What is one to do in NJ. Corzine is bending us over the table and the Federal Government is not any better. Do the Feds say anthing about paying back the “rebate” check……NO. So before you spend, please read the fine print. The rebate is just an advace on your next years refund. Just like Corzines smoke and mirrors.

What if? (part 2) What if there is a guy who is on the inside of state gov, and is also on the inside at Goldman (doing biz with NJ). This guy sees the money flow on both ends of the pipe! What if he were a shrewd businessman (is this possibble? hmm…) and clever enough to formulate a plan? Wouldn’t this be sort of the plan?

1: Build trust while getting elected. Promise an end to corruption, pay to play, pension padding, waste, etc. This is an old script, but wait…

2: Make friends with everyone. Give raises to union members, support the NJEA with more spending, even send rebates to homeowners. Be extra nice to high power players (like senate prez Codey). Act nice. Say the right things. Build trust.

3: Get further support of the ‘pigs’ in Trenton by promising to secure the pension system. Most Trenton insiders are counting on multi-pensioned retirements, talk of bankruptcy actually raises an eyebrow, but ‘the plan’ fixes everything!

4: No loose ends, (K. Katz, for one). Bury the bodies deep.

5: Push the money button. There must be sufficient trust so the details of this toll/bond issue are never scrutinized. Trust is the key to bank.

Today: There is some resistance, but it’s ok. People are asking to raise the gas tax, cut spending, etc. Ok, Corzine can do all that, if that’s what you want. Cut where it hurts, so they won’t ask again. (They ought to be asking to see the bodies)

6 months from now: Well, no surprise to anyone, there’s still plenty of debt to go around. The economy has weakened. Payments to Highlands property owners are bankrupting the state. The ‘pigs’ are once again contemplating pension risk associated with bankruptcy. What to do?

Aha! The secret plan is by now on the table and now ready to go, and is finally implemented.

2 years: The deals are done, Corzine has a $ bil+ tucked away in overseas accounts. The state, inevitably, is facing bankruptcy anyway.

So I ask you: What part of this scenario couldn’t happen? Do you really trust a Wall St exec enough to blindly hand him $ 38 bil?

Aon 8;58 “The real reason there will be no tolls for 440 is because he’s want Lesniak’s support for the plan. ” we all know this would be how it would play out …next… remember how Jon would not release the plan BEFOR he election …well that was done as payoff to all the DEMOCRATS in return for the passing of his scheme …I believe this is already a done deal with a little tweaking .Jon would have stake his job on this if he did already buy his votes .With no transparency in PBC (Pay Back Cronies) who knows wo will get what .I say this about Corzine he makes “THE STING” look like childsplay

MONETIZATON —THE PLAN TO PLUNDER STATE ASSETS The monetization bonanza is a done deal for Corzio’s Wall Street cronies. Wall Street moved to State Street and now Corzine and his banker/financier buddies control billions of state assets.

Monetization profits number in the billions—the money will rain down on Corzio and his Wall Street buddies beyond that of monarchs and maharajahs—-all extorted on the backs of working class New Jerseyans.

GSIP advertises it has $6.5 billion in committed capital and seeks investments in traditional infrastructure sectors toll roads, airports and ports AS WELL AS regulated gas, water and electrical utilities.

Listen to the comments posted in this blog that come from kingjon’s EX-wife. A wife knows her husband better than he knows himself. There is much that can be said about a man who leaves his wife and family, very little of it good. What stands out mostly though about a man like that is the unmistakable shout of, “It’s all about ME”. Make no mistake about it, everything kingjon does is for himself first. Don’t be naive and think for one minute he cares a whit about anyone else.

They’ll cut back so they won’t fix the roads but they’ll keep some lacky on the payroll with a 6 figure salary and a nearly 6 figure pension!

Love all the “contractual” commitments he brings up that the state has. Jon you jackass, you’re the one who made them! You didn’t even have the backbone to keep that measly 1.5% contribution to the health plan. Then again we never have seen your Carla e-mails. Wonder what silence that 6Million has bought?

You mayy be rich, you may be the governor but you are also an arrogant self serving little Napoleon. I just hope the citizens as a whole fight you every step of the way.

Too damn bad that the drones in the state will only sit back and watch Corzine’s scam happen.

We’ve all heard it many times before “They will do what ever they want, so why bother”. Corzine knows this, and is in fact, counting on it.

It is also too bad that the unions in the State (all of them, not only the ones representing State workers) are being so short sighted in their support. This scam is going to effect NJ residents for generations to come and all the unions can think about is next week’s paycheck!

Smarter up people. The dems were all on board before the election. If you listen carefully, the dem opposition carefully parses their words. Wiesnewski and others continually say they can’t support the plan as it NOW STANDS. Clearly indicating they support the plan. The middlesex dems already got their concession on the red herring 440 tolls. It is all posturing at his point. The tolls are a done deal.

And, TB, I’m surprised at you. You don’t need a list – EVERYONE in Trenton needs to be removed from power. When “public service” becomes “public servant demands” the only hope is to clean the entire house. That ain’t gonna happen and that is why the toll deal is DONE deal.

The cumulative net migration loss between 2002and 2006 in New Jersey was 231,565 people. North Carolina—a peer competitorstate—grew by 807,000 people between 2000 and2006, nearly triple the gain of New Jersey’ loss(310,000 people).(North Carolina has NO state or municipal unions )The cumulative income loss during the 2000 to2005 period was $7.9 billion. That means that thenet outflow of taxpayers from 2000 to 2005 causeda reduction in the state’s 2005 total adjusted grossincome of $7.9 billion. I’m sure this new toll tax will stop that outward flow

You know…I don’t think they care if people keep moving out. They will borrow…and continue to borrow…to make sure they get “their slice”. The big wigs will leave with suitcases full of money leaving the poor slobs who are left trying to figure out how to pay the bill.The “trick” or “game” is to get out with “your’s” before the final bill comes due.

Wake up NJ….It is getting worse fast and unless you plan to leave or die in the decade, those that are left will have to bear the brunt of this continued fiasco.

This is nothing more than an elaborate junk bond scheme that socked Wall Street few years back, that ranks with Enron and Mohawk Power as all-time fiascos.

Corzine has said he will use 50% of the bond proceeds for government debt. He has not said whet he will do with the extra billions.

POINT ONE The IRS should be appraised of this publicly funded scam. Corzine’s flim-flam about issuing high-rated bond issues by the super-secret Public Benefit Corp should be examined by the IRS for possible fraud.

POINT TWO State govt may have misled investors in the uses of monies raised by issuing tax-exempt securities. The monies may have been secretly diverted to other uses without public scrutiny.

Corzine is attempting to recover all the money he paid from senator thru governor. This guy is a true business tycoon. Spends 50 mil gets 50 bil. That’s what this con artist would have racked up by the time he leaves office after stealing the next election. Beware Jon you and the rest of those theives will be brought to justice.

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Bob Ingle, Senior Political Columnist for Gannett New Jersey newspapers, on politics in "The Soprano State".

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Bob IngleBob Ingle is Senior Political Columnist for Gannett New Jersey Newspapers and co-author of The New York Times' Best Seller, "The Soprano State: New Jersey's Culture of Corruption." Hear him Fridays at 5 p.m. on www.tommygshow.com radio. twitter.com/bobingle99 E-mail Bob

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